Which of the following will most likely result from an unexpected increase in prices that decreases real wages and resource prices?
a. a decrease in unemployment
b. an increase in unemployment
c. a decrease in the nominal interest rate
d. a decrease in aggregate supply and real output
A
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Which of the following is true regarding utility along a price-consumption curve?
A) It is constant. B) It changes from point to point. C) It changes only if income changes. D) It changes only for normal goods.
Each ounce of salt is chemically identical to every other ounce. Why then, does the Morton brand salt sell at your supermarket for a higher price than the store brand?
The congressional act passed in 1946 that contained the first official statement of goals for economic performance in the United States was the
A) Federal Reserve Act. B) Gramm-Rudman Act. C) Employment Act. D) Humphrey-Hawkins Act.
Being risk averse means that you would be willing to pay ________ than the expected outcome in order to guarantee an outcome.
A. no more or less B. more or less C. more D. less